Flip and Grow Rich | Can It Really Happen?

According to an article in the Baltimore Sun, flipping real estate for profit has a pretty bad reputation in Baltimore. For those of you thinking to get into the business of flipping real estate, read as much as you can about these types of behaviors and avoid them at all costs! Learn from other peoples mistakes. The problem stems from properties sold for huge profits within a day, which is an indicator to a problem. Fraudulent documentation is one issue cited by the article, in addition to flopping which is when a property is devalued then resold at a higher price. This can show a fake profit. Beware of scams like these, and read the article to learn more!

Some may be asking themselves, can I really flip and grow rich in this economy? Well it's not an easy question to answer. While there is lots of money to be made in this current climate. There is certainly lots of money to be lost as well. In a recent Wall Street Journal article, mortgage rates are reportedly declining, a prime time to buy property. Money is cheap! However, it would also seem than banks are being more difficult to get money out of, so what's a flipper to do? Even Donald Trump is having difficulty in this market, with his Chicago condos, buyers are not following through on contracts. Remember to do your homework, look at every deal carefully, and ensure contracts are in order. Look for the best deal, for example RealtyTrac offers a nice forclosure search on their website.